The air dried flowers of folklore medicinal plant, Mimusops elengi Linn., yielded four known compounds: Oleanolic acid (1), 4-hydroxybenzaldehyde (2), stigmasterol-3-O-β-D-glucopyranoside (3) and D-quercitol (4). Structure of the compounds were elucidated on the basis of spectroscopic analysis (IR, 1H & 13C NMR and Mass) and Co-TLC comparison with an authentic samples and literature data. One of the compound was reported for the first time from this plant. The methanolic extract and isolated compounds were examined for in-vitro elastase inhibition and also melanin promotion activities.